Planning for Families with Young Children

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Most parents know that putting appropriate an appropriate estate plan in place is important to protect their family in the event of a parent’s disability or death. However, often parents are too busy taking care of their families to take this important step.

We have experience making the estate planning process quick and painless for families with young children, and can help:

Work with parents to identify which documents are important for their family’s protection

Help parents make the decisions that need to be made, including naming guardians for minor children and arranging for assets to be managed in trust for young beneficiaries

Draft the appropriate documents, including a durable power of attorney that will allow a spouse or another trusted adult to make financial decisions if a parent becomes disabled and a Will which names a legal guardian for minor children.

Help parents determine how to handle their children’s inheritance, including naming a conservator who will have control over the assets of a minor child, or establishing a trust that will hold a young child’s inheritance until the child reaches an age at which they are able to manage those funds on their own. Special Needs Trusts or other types of Trusts are especially important for families with children with special needs, substance abuse problems, or other issues that make management of funds for the child’s benefit crucial to their future well-being.

Create a document naming an Emergency Guardian who can take custody of your children and make decisions on their behalf in the absence of the parents and before formal legal guardians are appointed.

Once a plan is in place, parents have peace of mind, and the plan can be changed over time as the family grows and circumstances change. For more information, read Attorney Maria Baler’s article on Planning for Families with Young Children.